Oslo-listed seismic player Polarcus turned a small profit of $2.8 million in the first quarter, compared with a loss of $38 million in the same period last year, with utilisation of its five-vessel fleet at 83% and expected to improve in the coming quarters, despite having one vessel laid up, writes Steve Marshall.
Global seismic tendering activity has increased by around 50% over the past year, driven by survey work off West Africa and in Asia Pacific, as higher oil prices drive exploration spending by oil companies, it said.
